The Walt Disney Company announced late Sunday that former CEO Bob Iger will return to lead the company for two years, surprising the entertainment industry.
Disney said that Bob Chapek, who succeeded Iger in 2020, has left the position.
“The board has concluded that, as Disney embarks on an increasingly challenging period of industry transformation, Bob Iger is uniquely positioned to lead the company through this pivotal period,” Disney chairman Susan Arnold said in a statement.
Arnold thanked Czapek for his service, including his time during the “unprecedented challenges of the pandemic.”
Iger led Disney through the acquisition of entertainment companies Lucasfilm, Pixar, Marvel and Fox and the launch of Disney Plus.
Earlier this month, Disney reported lower-than-expected fourth-quarter results.
Iger ran Disney 15 years ago retires in 2020.